Ascendis Pharma price target raised to $191 from $175 at BofA

BofA raised the firm’s price target on Ascendis Pharma (ASND) to $191 from $175 and keeps a Buy rating on the shares after having hosted an expert pediatric endocrinologist to discuss views on Ascendis’ TransCon CNP in achondroplasia following the recent topline Phase 3 readout. For the achondroplasia indication, the firm models 75% odds of success, 10% and 5% market share in the U.S. and EU, respectively, and assumes a $385,000 annual U.S. price for a slight premium to BioMarin’s (BMRN) currently approved Voxzogo. BofA estimates a launch in 2026 and peak risk-adjusted sales of $585M in 2034 for Ascendis in achondroplasia.